App cab Ola decided to stop business in countries like Britain, Australia, and New Zealand within just six years of service launch. Their parent company, ANI Technologies, said that this decision is to emphasize India. They started business in those countries in 2018.
Established in 2010, Ola presently faces competition from multiple firms, such as Uber, in the Indian app taxi market. On Tuesday, the spokesperson for Ola Mobility said that they were the first to capture the market in the country. The pace of business growth is also good. In the near future, there is potential for further growth in the market for electric-vehicle taxi services. As a result, it has been decided to leave those three countries for this reason.
Also read
Electric clothing is coming, charging without batteries
While Bhavish Agarwal’s firm claims good growth, some insiders believe that US asset manager Vanguard has slashed Ola’s share price by 30% since the start of the year. ANI’s market cap in 2021 was $7.3 billion (approximately . Rs. 60,809 crore). But they have not yet seen the face of profit.
Also read
Xiaomi now makes electric cars and wants to take Teslaโs market
